Olympus Acquires Stake in Betano
The Greek lottery and betting company Olympus has reached an agreement to purchase a significant portion of OPAP’s ownership in Kaizen Gaming’s global brand, Betano.
The headquarters of Olympus, formerly known as Sazka, will pay a substantial sum of €50 million as part of the transaction. This payment will be supplemented by undisclosed performance-based payments, contingent on the financial success of the business over the next three years.
OPAP, the seller of the stake, has stated that its ownership in Betano resulted in a pre-tax loss of €400,000 in the previous year.
The operator has indicated that the sale of its international operations aligns with its strategic objective of maintaining and strengthening its dominant position within the online gambling markets of Greece and Cyprus.
The completion of the acquisition is contingent upon regulatory approval and the successful separation of the Betano brand from Kaizen Gaming’s other business activities.
In recent developments, Olympus was chosen by the Gambling Commission to become the first operator outside of Camelot to manage the UK National Lottery, commencing in February 2024.
However, Camelot, the previous operator, has initiated legal action against the regulator’s decision.
The operator of the health lottery, Northern and Shell, has also contested the award, according to British media reports. They are attempting to reverse the decision after their bid was unsuccessful.
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